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​Following approval of the Protection of Investors (Bailiwick of Guernsey) (Amendment) Law, 2007 (“POI Amendment Law”) by the States of Guernsey at its meeting in December 2007, the Investment Business Division has been working on draft rules to take account of the changes to be brought in by the POI Amendment Law. At the date of this consultation document it is anticipated that the POI Amendment Law will come into effect later in 2008.

The Prospectus Rules 200[8] and the Registered Collective Investment Schemes Rules 200[8] are the next set of draft rules to be issued for consultation.

The Prospectus rules will replace those elements of the Control of Borrowing Ordinances on the circulation of prospectuses that will be repealed when the POI Amendment Law comes into effect and also include the minimum criteria for disclosure in the offering documentation.

As a result of the POI Amendment Law coming into effect, funds will be divided into two categories – regulated funds and registered funds. The Registered Collective Investment Scheme Rules set out the requirements for Registered Open-ended and Registered Closed-ended Collective Investment Schemes.